>> from the heart of where innovation, money, and power collide. in silicon valley and beyond, this is "bloomberg technology." with emily chang. -- this as the social network faces

intense criticism. that the technology is developed to moderate harmful content doesn't work as promised. uber trying to get more drivers on the road, reduce wait time, as they push toward profitability. we speak with the ceo later this hour. president biden calls on other nations to help vastly expand production of covid vaccine and treatment to end the pandemic. an additional 500 million doses of pfizer vaccine will be donated to other countries. we will bring you the details. we get to that in a moment. fed chair jerome powell said the central bank can scale back purchases as soon as november and complete the fallback by 2022 after officials revealed a growing inclination to raise interest rates next year. >> continuing to expect, it is appropriate to maintain the target range for the federal

funds rate until labor market conditions have reached levels with consistent maximum employment, and 2%, on track to moderately exceed 2% for some time. emily: let's look at how markets reacted with kriti gupta. >> on the surface, it seemed like a hawkish statement. it was not as hawkish as people were thinking. a lot of investors expecting the november start date. we see green on the screen after two negative days. in addition to the fed, there is technical elements. a bounce back coming to the forefront. we are dealing with september seasonality. october is traditionally a month a lot of superstitious investors really suspect their stock is dropping. i want to show you what sentiment is doing. taking a dive when we talk about

the roles and the bears -- bulls and the bears. a lot of buying, pushing the s&p 500 to record after record. bear sentiment is coming to the forefront. the dip ma not be selling out this am -- dip may not be selling out as much. it could come as soon as november, ending mid 2022. something investors were really expecting, november being the start date. he talks about a six month timeframe, and a gradual tapering. that is half the time the last round of tapering took after the last crisis. whether it is a market positive or negative, in terms of reversing emergency stimulus, we will have to watch it. a lot on the macro front. ed: straight to bitcoin. $33,000.

2 down days at the beginning of the week. risk off assets. investors clearly rethinking bitcoin. as we went through wednesday's session, we saw gains in the cryptocurrency. some of it around the fed. the somewhat hawkish sentiment. breaking news after the bell. facebook's chief technology officer is stepping down from the company. he was a big part of the ai initiative. they have been down around .7% after hours. paring some losses. the biggest concern for investors was regular trade. wednesday's session, you saw facebook dropping after a blog post saying theios -- ios changes will have on third-quarter investments. at one point, down the most since november. the only tech stock was peloton, down 6%, not a good month.

the movers to the upside on wednesday, we have seen chinese, american depositary receipts doing well. regulatory clampdown on internet companies. you had some names doing well wednesday. emily: thank you for the roundup. i want to get more on the facebook headlines with facebook cto's announcing he will step down. it is the executive -- biggest executive departure at the company in years. this as they announced changes to apple's ad policy can have an impact on their revenue. let's start with this facebook news. what do we know? >> we know it is not going to be quick. he did announce intern early he will leave sometime next year. they had actually created a new position, a senior fellow position he is going to take at the company.

i'm told it is part-time, it is advising, staying on a little bit, helping with technical stuff he oversees. it is a huge deal. not only has he been there a long time, he oversees so many important elements of facebook, including augmented reality, artificial intelligence, virtual reality, the hardware division. all of these different technical stuff that really drives a lot of what facebook wants to do in the future is under his purview. the fact he is leaving creates an issue. emily: andrew bosworth, who has been at facebook almost as long as mark zuckerberg will replace him as cto. it comes after a number of other high-profile departures. one running global ads, one running products. both at instacart. this after facebook is facing pressure about how well it's

technology works to moderate harmful content. do you think it had anything to do with that? >> what facebook uses, they use the ai to automatically search user posts for violent content, nudity, hate speech, terrorist propaganda. this is the type of stuff he and his team were responsible for. it has been a huge thorn in facebook's side, a criticism of the company. i don't believe he has been pushed out. he's been there such a long time, and created issues for the company for a long time. it is possible at a certain point, this type of stuff wears on you. it is tough to be pushing a rock uphill like this technology. there was a new york times profile where he cried multiple times during interviews with reporters, because these are such big problems. i do think it canw -- i do

think it can wear on him. emily: kurt wagner, thank you so much for your reporting. i want to get more from mark mahaney, the head of internet research. a lot of facebook developments. this is a pretty big deal. he's been there a long time, his guess is right next to that his desk is right next to mark zuckerberg and sheryl sandberg. ? is it a good sign? >> not necessarily. he eventually came back to the company, chris coxe, it reminds me of that. it's not the first time we have had one of the original people with the firm step down. maybe it is natural -- you mentioned others who have left. i don't think it is negative. i think it is the national evolution of people being there. a dozen years is a long time for a company.

i think it is someone who had his time, is ready for a new challenge, it might be exhausted. i don't see it is negative for the company. emily: facebook warning that the apple add tracking issues can have an impact on revenue. how big an impact are you forecasting? >> this is an odd one. there was a blog put out by one of the marketing managers reiterating what they set on the earnings call, that the apple ios changes will make targeted running campaigns more challenging. we saw the gdpr version 2, one or two clips for the quarters. it is modest in duration and quantity. the fact they put out a blog today, which i thought was a bit strange six months ago, the market was over fixated on the apple risk. in the last month or two, it

seems like the markets have become complacent. it is facebook's way of reminding people, don't forget about it, don't the expecting a lot of upside. we heard it from one company last night. they came in light, in terms of subscribers. in part, they blamed it on apple changes. there's a real impact in the market. we think it is modest and manageable. emily: we definitely see an impact from investors after hours. you were out with a new report called social butterflies looking at the broader social media landscape. talk about significant findings. >> we have done this semiannually for five years. every six months, we try and see what people think about social media and the assets they find interesting. so the wax, i think it is going up, is tiktok. the level of enthusiasm, the amount of time's people -- the

amount of time people spend their, the lower usage than snapchat and twitter. it is a matter of time. the negative side, facebook had some of the weakest -- core facebook, not instagram, had some of the biggest satisfaction scores. we rank how satisfied people are. satisfied or not at all satisfied. it became negative, it was morning negative then we had every -- it was more negative than we had seen. it may be a result of all of the negative press facebook has gotten. in my 10 or 25 years, i'm pressed to think about a major internet company receive as much negative pr as they have experienced the last couple of months. it might be reflecting in satisfaction. so many users in north america, 80 percent of facebook's population.

it is hard to get more early enthusiasts. if you are an enthusiast, you are not early. you are extremely late. emily: are your numbers accounting for instagram, are the users satisfied within a gram -- instagram? >> we look at it separately. of all the social media assets, it is most popular. snap, twitter, pinterest, tiktok, instagram. sometimes you two. instagram seems to be -- the customer base seems to be most satisfied. i want to point out one thing. we tried to see who was at risk. we have not seen it in the user growth and engagement growth. one thing i would warn about is instagram. how people, why people, the way they interact with tiktok is probably most similar to how people instagram. we have not seen the risk yet. that kind of forced them to roll

out instagram reels, which is showing good traction. i think they have the biggest bullseye in the back because of tiktok. emily: you referred to the negative publicity facebook is getting. they haven't gotten a lot of fond media attention for years. it has really reached a climax with the wall street journal series of investigations, some of the headlines facebook and knew that instagram was toxic to teenagers and it did not do anything about it. do you think this kind of media coverage, this negative coverage, will finally impact the stock price? >> i thought you were going to go a different way. i don't think so. if it impacts the fundamentals. we saw the impact on facebook's revenue growth a year ago. that would be the case. the thing people sometimes miss is facebook is not really large

brand advertisement. it is not proctor and gamble or coca-cola. it is 10 million small businesses. the biggest so whats of the covid crisis is you have this huge surge in new business formation. new businesses are trying to build out awareness for themselves for their online commerce companies, service companies. they are building out their presence on facebook and on google. these small businesses building out claims, staking claims, growing businesses, putting traffic in, they will still rely on facebook and google unless those platforms underperform. they have been performing extremely well. i think the press reports change the way small businesses will think about facebook or google. emily: fascinating report you have out today. mark mahaney, thank you. appreciate you joining us.

uber's ceo said the company will defend its drivers against lawsuits nationwide, if other states have an abortion ban like the one in texas. both they and lyft will cover legal expenses for those accessing abortions. here's what he had to say about them taking it a step further. >> we don't think drivers should be sued by clients. it is unprecedented, wrong, and if it happens in another state, we will be behind our drivers likely were in texas. emily: uber's ceo, coming up next. this is bloomberg. ♪

emily: i am emily chang in san francisco. president biden has appointed a critic of cryptocurrencies and big banks to run a wall street watchdog. he will be tasked to run the comptroller of the currency as soon as this week. she is a lot press or who wants to end banking as we know it. uber shares taking quite a ride after the company boosted third-quarter outlooks saying it may turn up profits. they are up almost 13%. i caught up with dara khosrowshahi to talk about how they are managing driver supply, and food delivery in a rapidly devolving market --devolving market. >> there is a revolution, in terms of all things to your home. it started with food, but will

continue with groceries, pharmacy, your iphone. just in four years, uber eats business has gone from a $2.5 billion run rate to a $52 billion run rate. we think there is more to go. users want what they want at their home right now. it used to be the next day delivery was awesome. now it is about next hour delivery. we are empowering any local merchant to essentially get anything you want locally to your home within hours. and clearly, eaters and users love it. we think the trend will continue over the next five to 10 years. emily: you just revealed you can post your first profit this quarter. what can and will you pull to determine it happens or not this quarter? >> i think what is happening is our marketplace is becoming more balanced. in quarter two, the demand for moving around and getting things

to your home essentially was increasing at a much faster rate than supply. we had to invest very aggressively to bring more drivers onto the platform, more careers onto the platform. you see the benefits of that in quarter three. the marketplace is much more balanced, and margins are coming back to normal. mobility margins will be equal to pre-pandemic levels, even at lower volume because of the moves we made, in terms of automation. and our uber eats business is going on the top line. it is giving you the profitability levels by the end of the year. things are working well for us, or we can grow the top line profitably on a sustainable basis for some period of time. emily: you are working on driver supply around the world. there are price surges we are feeling. you said it will ease up by the end of the year. without it, do you see long-term

profitability? will you hit that milestone quarter after quarter? >> absolutely, we do. we see the prices essentially stabilize. surge levels are coming down. eta's are the best they have been since the beginning of the year. conversion rates, as far as the percentage of users opening the app and getting the service they want, whether it is food delivered to their home, or going somewhere, all of these metrics are moving in the right direction. we think we can be profitable, but profitable delivering an amazing experience to riders and eaters, and an earnings level to our earners. emily: you are seeing longer wait times. drivers going to other apps, moving to other sources of income. when do you see a better balance between supply and demand? >> what we see in the u.k. is demand is at 20% to 40% higher

than pre-pandemic levels. the u.k. is opening up. it is amazing to see the number of drivers in our platform. it is as high as pre-pandemic. it hasn't caught up to the growth and supply. we are going out in the u.k.. we are looking to bring on 20,000 more drivers. earnings opportunities are better than they have been. as far as the service goes, over 60% of the time, you are getting your ride within five minutes. 90% of time, you get it within 10 minutes. we want it to be faster, but the service is working the way we want it to. there's a ton of earnings opportunities, and hopefully we get more drivers off to the platform to catch up to the incredible demand we see. emily: catch the full interview at bloomberg.com. uber's ceo, dara khosrowshahi. the battle over fortnite continues. the latest salvo in the ongoing

dispute between apple and epic games. some of tuesday's losses erased after comments of slower than expected subscriber growth for disney plus. concerns remain about movie and tv production delays. the slow rollout of a new streaming product in latin america and the expiration of subscriber offers in india also weighing on investors minds. this is bloomberg. ♪

emily: apple has told epic games it plans to keep fortnite off of the app store until all appeals are adopted. apple sued after the developer came up with a workaround circumventing apple's commission on purchases. a california judge sided mostly with apple, although the company told app developers to point users to outside payment

systems. the ceo tamed the latest move, warning the process can take five years. apple will give store employees a one-time bonus of up to $1000. it was presented to retail staff as a recognition of difficulty working through the pandemic. like a lot of other companies, apple is taking a tight market as employers struggle to attract enough. microsoft has introduced is revamped line of service devices, including an update to its popular two in one laptop model signaling the push to be a bigger force in computer hardware. the new duo foldable phone comes with 5g and a dedicated rear camera system. unlike samsung's foldable phone, it has detained -- two distinct screens, opposed to one consistent display. the global race to get the world's vaccinated. joined by alexander hardy,

talking about vaccines and treatments in the fight against covid-19. that is next. this is bloomberg. ♪

it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.

emily: welcome back to "bloomberg technology." i'm emily chang in san francisco. let's get back to the markets with ed ludlow checking a big ipo. ed: by the time the market closed, it jumped 32% from its offer price. the company was founded in india, later moved to silicon valley. it has become the biggest indian software company to list in the u.s. in terms of what they do, there is an easy side-by-side comparison. software is a service. they are gunning for the market. their sales dominates so well.

the ceo was speaking about salesforce, saying they have an amazing leader and great respect for salesforce. basically saying they want to emulate the success salesforce has had. but if we dig into the financials of the company, freshworks, they have a long way to go. but it did jump 40% in 2020. they are a growing company, in terms of fundamentals. the company to watch. 52,000 customers. they are not yet profitable, but the net loss is shrinking. around $10 million compared to $57 million last year. interesting to see these companies hit the market. we will track them going forward. emily: thank you so much. president biden calling on other nations to help vastly expand the production of covid vaccine treatments in order to end the

pandemic. the president hosting a virtual summit, calling the pandemic a "global tragedy." >> we need high income countries to deliver on their own vaccine ambitions. that is why we are launching the eu-u.s. vaccine partnership to work more closely together with our partners in expanding global vaccinations. emily: president biden said the u.s. will buy another 500 million doses of pfizer by intact's vaccine to push the donation pledge above one billion doses. i want to bring in alexander hardy for more on the push. what do you think of this announcement from president biden at this stage in the pandemic? >> we are focused on. . therapeutics. our sister company is focused on diane knox's -- our sister company is focused

on diagnostics. this is a really important move by the u.s. government. we will get through this globally. i think international partnerships are really critical. i would say vaccines are important. it will take testing and therapeutics for us to globally navigate to the end of this pandemic. emily: will there be an end? some days, it seems almost impossible. >> i think we will get out of the pandemic phase. clearly it is taking longer than any of us expected it to take. then we will face this pathogen being an endemic pathogen that we will deal with. it is informing our research. we have two therapeutics approved with emergency use

authorization. we are also working on an all treatment. our hope is we will have a drug that can be used first signs and symptoms of covid-19. this will then become a disease we are dealing with on an everyday basis. hopefully without anywhere near the mortality and morbidity we see at the moment. emily: does it mean we will never get to herd immunity? covid will never be gone? >> i think we have experience with other pathogens like this. they will continue to evolve. we will continue to develop approaches to deal with them. i don't want to be a scare monger. i think we will figure out how to manage this disease as a society. clearly, vaccinations, testing, and therapeutics will be important to this. emily: you are one of the most

storied biotech companies in the u.s. talk about how you have been involved in the fight against covid-19. >> we were absolutely focused from day one on covid. initially, you look at existing drugs, if they can possibly work against covid. that was very much our effort. multiple different drugs. we need to be moved into clinical studies. we mobilized clinical studies the fastest we ever have done. out of that, we identified a drug, a medicine that did receive emergency use authorization. it is one of the mainstays of treatment right now. we've also entered into a number of partnerships. to manufacture develop and distribute globally. global antibody in partnership with it. that is also a very important

therapeutic option for patients diagnosed with covid-19. emily: there are other diseases that are still a concern. they have not gotten the attention of the last 18 months. you work on medicine for multiple diseases. which diseases do you think will see big breakthroughs in the near future? >> this is an exciting time for science. you are focused on the tech industry. the merging of biology and data, advanced analytics, is enormously exciting. we have a deep knowledge of biology, but we see now that the possibilities around data and analytics -- it is going to open up opportunities in multiple different disease areas. the first where we can see the benefits, clearly in oncology. we are deeply focused in oncology.

this will help us discover new medicines, develop more effectively and get to patients quicker, and make sure the drugs are used for the patients that will benefit from the treatment. this is a really exciting time. i think the benefits will be across multiple different areas. emily: will we ever have a cure for cancer, or will it be something to better treat? >> we can certainly look forward to a time where cancer is much more of a chronic disease without the levels of mortality and morbidity. we are making tremendous progress. i don't want to say we can cure cancer. we are making progress in many of the most significant cancer types. i think the biology and technology, the know-how and multiple modalities, the

treatment platforms -- i think the future is more exciting than the past for oncology. emily: many patients around the world and the u.s. can afford medicines they need. do you think the status quo is working? if not, what needs to change? >> i'm glad you bring it up, the status quo is not working for patients in the u.s. we believe firmly we have to make progress on affordability of drugs for patients. this is a major policy topic right now. we are believers that there are solutions that can significantly reduce the cost of drugs for patients. at the same time, the potential of the science, potential to make so much progress across so many different diseases.

and we can absolutely come up with solutions to allow innovation, but also reduce costs for patients. emily: glad to hear about the important and exciting things you are working on. alexander hardy, thanks for stopping by. california's housing crisis, how it played a part in governor newsom's recall election and what action he is taking. this is bloomberg. ♪

emily: the housing crisis has been a hot topic in california and played a big role in the campaign to recall governor newsom. as we all know, he survived the recall vote and has since signed some of the biggest housing bills in years to address this issue. we are joined by sarah holder for more. i think the conventional wisdom is how he handled the pandemic really drove the recall effort. how much does homelessness play a part? >> it is no secret housing affordability, rising prices, and affordability are big issues on california residentsand voters'' minds. he came into office pledging to build 3.5 million homes. he hasn't reached that goal. he admits it was a really ambitious goal.

there is still 150,000 homeless residents on our streets. housing advocates and those who point to those issues as big said it was the lockdowns and business owners driving the brunt of the recalls. but many of the same people say that by reelecting, or giving governor newsom the mandate to continue to lead, californians have avoided some of the worst case scenarios for the future of housing affordability and policy in the state. emily: the tech industry played a role in the housing affordability issues, in the bay area, taking up affordable housing, driving up prices. what is the state of the homeless crisis now that we are made pandemic and a lot of folks have left the city? what problems remain? >> one of the broadest questions advocates have are how to spur

housing construction and affordable housing construction, and spend money on creating permanent solutions to get residents into homes. one of governor newsom's biggest challenges from the right, larry elder and kevin falconer emphasize homeless shelters and encampments. but i think newsom has shown he's more focused on creating permanent supportive housing, investing $10 million in addressing the homeless crisis through creating pathways to rental housing and other ways to get people off the streets and more into permanent solutions, instead of more shelters. it has been a complicated proposition. many people would tell you it has resulted in major change over the past few years.

emily: talk about the legislation he signed and what it means. >> thursday, almost immediately after californians voted no on the recall, sb eight, asby nine, and 10, it extends some abilities for the state to build more housing in a streamlined way. families owning across the state. the secret is california -- two thirds of the state is zoned for single-family homes, meaning it is impossible and illegal to build more homes on those lots. what they would do is make it illegal to build more homes and densify the state. they were controversial bills and a long time coming in california. sb9 allows property owners to

own two and subdivide it and build four homes on a single-family lot. sb10 would make it easier for cities to of zone family housing on lots near house -- near jobs, near transit. emily: initiatives we will continue to follow. sarah holder, thank you so much. coming up, the cofounder and ceo of redwood materials, whose company just announced a partnership with ford. how batteries are being recycled to power ford's fleet of electric cars, next. this is bloomberg. ♪

emily: from the wildfires

burning across the western u.s., to hurricanes as far as north canada, it is no doubt the weather is seeing extreme and unexpected shifts. why anxiety around climate change is growing. >> climate anxiety is the first stage. climate with -- climate whiplash comes next. it is now undeniable climate change is here. the main culprit is the world's addiction to burning fossil fuels. the harm unleased is no longer in small pockets of the world. one into u.s. residents lived in a county hit by climate fueled disasters this summer. wildfires, heat waves, hurricanes. all of this when the world is warming one point one degrees celsius and the planet enters the hottest period in the last

125 thousand years. decades of growing alarms from scientists, politicians and corporations are not doing enough. emissions are high and show little signs of falling quickly enough. it can create overwhelming fear for the future of the planet. that might be worsened by the lack of agency any individual has to alter the course. if you have followed climate news more closely, you will experience something closer to a whiplash. the solutions to cut emissions have become more viable by the day. the price of solar and wind power has fallen faster than most estimated. that trajectory is repeated with batteries and electric cars, carbon free hydrogen may follow suit. some $35 trillion worth of assets are labeled green. even though greenwashing is right, the market is signaling the desire to help slow global warming. climate diplomacy remains difficult. the past decade has shown a lot of progress.

after island nations fought hard to, the paris agreement included global warming below 1.5 degrees celsius. nine of the world's 10 largest economies have now committed to reaching net zero within decades to keep the 1.5 degree goal alive. public concern for climate change has risen and remained high. it now often ranks alongside health and economy as the top issue, which forces leaders to keep at the top. so when i'm asked what makes you hopeful, the best answer is i don't have hope, i have certainty. we know exactly what is causing climate change. we can avoid the worst and build a better world in the process. because some amount of warming is baked into the system, we can be certain climate impacts will get worse. at the same time, solutions will become cheaper and scale faster. that means the whiplash is about to get stronger.

this is net zero. for more like this, follow us on your favorite platform. emily: sticking with climate, ford motor announced they are taking the next step in creating truly renewable cars. they announced a partnership with redwood materials. the startup founded by j.b. straubel to reuse key ingredients in the lithium-ion batteries that will power ford's fleet of electric cars. want to bring in j.b. straubel, also the cofounder of tesla. talk about what this partnership means for's ford -- ford 's ev production. > it is a great announcement for us and ford. we were founded to create the circular supply chain and create the technologies and processes

in order to recycle batteries, but also remanufacture them. keeping materials in country in north america, where they were initially purchased. and finding ways to introduce them directly into the battery supply chain. for ford, we are aiming to do exactly that. it really supports the same mission we started the company with. for them, it is a way to reduce the environmental impacts of the batteries it will make on day one and the vehicles, as well. it also assures a good solution for end-of-life where they try to come off of the road. on top of all of that, recycling them and covering the materials to reduce the need for new mining, or reduce the need for imported critical raw materials. emily: does it mean we can eliminate our reliance on lithium from countries like africa and china, where a lot of it comes from today?

>> in the long term, i'm confident will will be able to eventually. the batteries are amazing. they don't consume the materials inside of them. they carry them around for their lifetime, and they can be recovered almost entirely, and essentially infinitely rate hike old -- recycled. we need them in a period where we are building up, and expansion will be happening for quite a few years. once the lead stabilizes, we can reach a period where it is self-sufficient. emily: will it make tv batteries cheaper, and ultimately, ev cars? >> one of the big reasons of sustainability, recycling materials, is cost. even today, at a relatively small scale, it is profitable and lower cost to recover and recycle these materials from an

old battery than it is to mine them or transport them around the world. each year that goes by as we have higher recycled material content in the batteries and in the cars using them, we will be able to incrementally drive down the cost of those materials. i am optimistic it can be a big factor in the years and decades to come on helping expand electrification and hit some of these really ambitious and exciting targets these companies have. emily: you recently announced you want to bring 20 $5 billion of the battery supply chain from asia to the u.s. with a new mega battery factory. what would it mean for the future of battery manufacturing and the price in the u.s.? >> the u.s. and north america generally, does not have a supply chain for the raw materials and components that go into batteries.

we are beginning to industrialize battery assembly and beginning to ramp up electric vehicle assembly from many different oems. but the supply upstream doesn't exist today. i think it was a pretty rapid and focused effort to industrialize and start making those raw materials, those components. the strategic things we are focusing on first, building the components in north america so we can begin to diversify our total reliance on asia for those materials. emily: fascinating. j.b. straubel, appreciate you giving us an update on your efforts. thank you for joining us. the ceo of redwood materials. breaking news. the fda is set to authorize the third pfizer shot.

a booster shot for ages 60 five and older and high-risk people. we are tracking the headline. stay tuned for more information. that does it for this edition of "bloomberg technology." tune in tomorrow, we are joined by elizabeth spalding and the ceo of expedia. this is bloomberg. ♪ (announcer) looking for a better way to lose weight and feel good?

how about the one with the 98% success rate and the more affordable weight loss solution? that's golo. there are no monthly fees and it's guaranteed to work or you don't pay. how can golo offer all of that? because it's not like any of those diets you've already tried. it's the new way to lose weight. no stimulants, no starving, just results. results you'll keep for life. no more sacrificing to lose weight only to put it back on. no more sacrificing, period. it improves your lifestyle and delivers incredible results. with over 2 million satisfied customers, golo is the new way to lose weight. this is the only program i have ever done that i have never deprived myself of anything. (announcer) if what you're currently doing to lose weight isn't working, or you feel like diets don't work, you're right. don't give up. get golo. go to golo.com and get your life back, with golo. (chorus) golo!

haidi: welcome to daybreak australia, i am haidi stroud-watts in sydney. sophie: i'm sophie. shery: the top story, u.s. stocks rise and the curve flattens as the fed signals to bring next month but there is not a signal of late --